USING GENAI TO TRANSFORM DIGITAL PRODUCT DEVELOPMENT AND DIGITAL SALES IN THE BANKING SECTOR

The article examines the problems and strategic applications of using Generative Artificial Intellegence (GenAI) in order to transform the development of digital products and digital sales in the banking sector. The intensive development of GenAI creates unprecedented opportunities for the transformation of this sector. The relevance of the research is due to the need to rethink traditional approaches in the context of digitalization. There are contradictions regarding the optimal pace of GenAI implementation: a number of researchers call for aggressive digital innovations, while others point to the need for a gradual transition based on financial institutions’ readiness and the maturity of the technologies themselves. The aim is to analyze the key areas of application of GenAI in the characterized area. The article systematizes the elements of the conceptual framework and the advantages of using generative artificial intelligence. The study proposes a novel strategic framework for assessing GenAI's impact and applications across key areas within the banking sector. Special attention is given to how GenAI affects the process of digital product development of financial products and its potential applications in digital sales, particularly through customer engagement, hyper-personalized communication, and chatbots. As a result of the study, it was found that the introduction of GenAI in the banking sector can significantly reduce the time to bring new products to market, enhance personalization in customer interactions, and drive revenue growth through innovative cross-selling strategies. The articles’ materials are of practical value for the heads of commercial and retail banks, specialists in digital transformation, and researchers in the field of financial technologies.